Aug 09 2018

Rupee Erases Its Early Gains On Foreign Bank Dollar Bid

Financial Market Overview

09th August, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • The Indian rupee was little changed against the dollar in afternoon trade, as greenback purchases led by foreign banks offset early gains from lower crude oil prices and a recovery in the Chinese Yuan.
  • The rupee was last seen at 68.6150 to a dollar, against 68.62 at previous close. It opened higher at 68.48 and extended gains to 68.45, highest since Aug. 2. Most Asian currencies were trading higher against the greenback.

 

Indian Equities:-

  • Indian shares rose to fresh highs on Thursday, with the benchmark BSE index crossing the 38,000 level for the first time, driven by financial stocks such as ICICI Bank Ltd and State Bank of India.
  • The broader NSE index was up 0.14% at 11466.50 while the benchmark BSE index was 0.33% higher at 38010.94. The indexes hit record highs earlier in the session.

 

Global Markets:-

  • Asian markets finished higher today. The Hong Kong Hang Seng ended higher by 0.86% and the Shanghai Composite ended higher by 1.85%.
  • European markets are lower today. The France’s CAC 40 is trading lower by 0.54% followed by the  London’s FTSE100 at 0.49% and the Germany’s DAX at 0.20%.
  • The dollar index was up 0.2%, after dropping nearly 0.2% in overnight trade.
  • The Japanese yen was trading little changed after edging higher in early trade ahead of trade talks between the U.S. and Japan in Washington today, where Japan will try to prevent steep tariffs on its cars and fend off U.S. demands for a bilateral free trade agreement.
  • The Chinese Yuan was trading 0.1% higher at 6.83 against the dollar. Data today showed China’s consumer inflation index rose by 2.1% in July and producer price index increased by 4.6%, both higher than expected. The Yuan has depreciated 5% against dollar so far this year amid ongoing trade spat with the world’s largest economy.
  • The benchmark Brent crude oil prices was last trading 0.2% lower at $72.15 per barrel after an overnight drop of 3.2%, its biggest daily loss in three weeks.